Download as pdf or txt
Download as pdf or txt
You are on page 1of 10

/,67(1,1* 75$16&5,376 ,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW

/,67(1,1* 7(67 75 16 5,37

7KLV UHFRUGLQJ LV FRS ULJKW

,(/76 %ORJ FRP OLVWHQLQJ SUDFWLFH WHVWV 7HVW IRXUWHHQ ,Q WKH ,(/76 WHVW RX KHDU VRPH UHFRUGLQJV
DQG RX KDYH WR DQVZHU TXHVWLRQV RQ WKHP RX KDYH WLPH WR UHDG WKH LQVWUXFWLRQV DQG TXHVWLRQV
DQG FKHFN RXU ZRUN OO UHFRUGLQJV DUH SOD HG RQO RQFH 7KH WHVW LV LQ IRXU VHFWLRQV 1RZ WXUQ WR
VHFWLRQ RQH

6HFWLRQ RQH RX ZLOO KHDU D FRQYHUVDWLRQ EHWZHHQ D PDQ DQG D ZRPDQ DV WKH ZRPDQ ERRNV KHU
VRQ D SODFH DW D VXPPHU VSRUWV FDPS

)LUVW RX KDYH VRPH WLPH WR ORRN DW TXHVWLRQV RQH WR VL

VHFRQG DS

1RZ WKH IXOO WHVW ZLOO EHJLQ RX VKRXOG DQVZHU WKH TXHVWLRQV DV RX OLVWHQ DV WKH UHFRUGLQJ LV QRW
SOD HG WZLFH /LVWHQ FDUHIXOO WR WKH FRQYHUVDWLRQ DQG DQVZHU TXHVWLRQV RQH WR VL

0UV 'DYLV *RRG PRUQLQJ 0 QDPH LV 0UV 'DYLV , ZDV ZRQGHULQJ LI WKLV LV WKH SODFH WR DVN DERXW WKH
VXPPHU VSRUWV FDPS

3KLOLSS ,W LV 0DGDP 0 QDPH V 3KLOLSS DQG , FDQ DQVZHU DQ TXHVWLRQV RX PLJKW KDYH

0UV 'DYLV , KDYH D WZHOYH HDU ROG ER FDOOHG 'RPLQLF DQG KH DOZD V JHWV ERUHG LQ WKH VXPPHU
KROLGD V , QHHG WR NHHS KLP EXV

3KLOLSS :H KDYH D JURXS IRU HOHYHQ WR WKLUWHHQ HDU ROGV VR WKDW VKRXOG EH ILQH

0UV 'DYLV :LOO 'RPLQLF EH DOULJKW SOD LQJ ZLWK ER V D HDU ROGHU WKDQ KLP

3KLOLSS 2K HV :H ILQG WKDW DW WKDW DJH JURXS WKH VWXGHQWV KDYHQ W XVXDOO RXWJURZQ HDFK RWKHU
VR WKH FDQ SOD VSRUW WRJHWKHU ZLWKRXW DQ SUREOHPV

0UV 'DYLV 6R ZKR GRHV WKH FRDFKLQJ RI WKH VSRUWV

3KLOLSS :H DUH D YHU SURIHVVLRQDO RXWILW 7KH PDQDJHPHQW DUH DOO H VSRUWV SURIHVVLRQDOV DQG RXU
LQVWUXFWRUV DUH XVXDOO VSRUWV VFLHQFH VWXGHQWV

0UV 'DYLV $UH WKH VWXGHQWV RQ WKHLU RZQ ZLWK WKH FKLOGUHQ

3KLOLSS 1R 7KH UH DOZD V VXSHUYLVHG E PRUH H SHULHQFHG FRDFKHV (YHU RQH UHFHLYHV DQ
HQKDQFHG SROLFH FKHFN IRU ZRUNLQJ ZLWK FKLOGUHQ DQG ZH UXQ RXU RZQ WUDLQLQJ DW WKH VWDUW RI WKH VXPPHU
$OO RXU VWDII DUH UHDG DQG WUDLQHG IRU JURXSV RI FKLOGUHQ

0UV 'DYLV :KDW LI WKHUH DUH DQ LQMXULHV

3KLOLSS $OO RXU LQVWUXFWRUV DQG FRDFKHV DUH TXDOLILHG LQ ILUVW DLG 7KHUH LV DOVR WKH KRVSLWDO MXVW URXQG
WKH FRUQHU LI WKHUH V D EDG LQMXU ,W V JRRG WR KDYH WKDW QHDUE EXW ZH KDYHQ W KDG WR JR WKHUH HW

0UV 'DYLV , NQRZ LW V XQOLNHO EXW LW V DOZD V SRVVLEOH ZLWK WKDW PDQ FKLOGUHQ UXQQLQJ DURXQG SOD LQJ
VSRUW

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW /,67(1,1* 75$16&5,376

3KLOLSS , TXLWH DJUHH

0UV 'DYLV 1RZ , ZDQW WR DVN DERXW FORWKLQJ , VXSSRVH , VKRXOG PDNH VXUH 'RPLQLF KDV ZDUP
FORWKLQJ ZKHQ KH JRHV

3KLOLSS :HOO 'RPLQLF ZLOO EH WKHUH DOO GD DQG WKH ZHDWKHU FDQ EH FKDQJHDEOH , G DGYLVH RX WR
PDNH VXUH WKDW 'RPLQLF KDV ZDUP FORWKLQJ DQG FKDQJHV RI FORWKLQJ

0UV 'DYLV :KHUH ZLOO WKH FKLOGUHQ JR LI LW UDLQV ,V HYHU WKLQJ RXWVLGH

3KLOLSS 2XU ORFDWLRQ LV QH W WR :HQWPRXQW 6FKRRO DQG ZH FDQ XVH WKHLU VSRUWV FRPSOH ZKHQ LW
UDLQV ,W V D ELJ SODFH DQG DV VRRQ DV WKHUH V DQ EDG ZHDWKHU ZH OO EH LQVLGH

0UV 'DYLV 7KDW V JRRG WR NQRZ 1RZ ZKDW SDUWV RI WKH GD ZLOO 'RPLQLF EH DW WKH VSRUWV FDPS

3KLOLSS :H KDYH PRUQLQJ VHVVLRQV DIWHUQRRQ VHVVLRQV RU 'RPLQLF FDQ VWD DOO GD :KDW ZRXOG
RX SUHIHU

0UV 'DYLV , WKLQN DOO GD +H FDQ PDNH ORWV RI QHZ IULHQGV DQG WLUH KLPVHOI RXW :KDW DERXW OXQFK

3KLOLSS RX FDQ VHQG KLP ZLWK D SDFNHG OXQFK RU KH FDQ MRLQ LQ ZLWK WKH OXQFKHV ZH SURYLGH

0UV 'DYLV :KDW VRUW RI IRRG GR RX VHUYH

3KLOLSS 7KHUH ZLOO EH D EDVLF VWDUWHU VXFK DV VRXS RU VDODG D VROLG DQG KRW PDLQ FRXUVH DQG IUXLW IRU
GHVHUW

0UV 'DYLV 7KDW VRXQGV QLFH DQG KHDOWK

3KLOLSS 2K HV ,W V D VSRUWV FDPS DQG ZH IHHO WKDW KHDOWK IRRG LV DOO SDUW RI WKDW

0UV 'DYLV 6R 'RPLQLF ZLOO RQO QHHG FORWKLQJ ZLWK KLP

3KLOLSS :HOO VRPH VSRUWV QHHG VSHFLDO HTXLSPHQW )RU H DPSOH JRDONHHSHUV XVH JORYHV DQG DOO
SOD HUV XVH VKLQ SDGV , H SHFW 'RPLQLF ZLOO ZDQW WR XVH KLV RZQ

0UV 'DYLV HV WKDW V WUXH

3KLOLSS % WKH ZD DV 'RPLQLF V D RXQJ ER LW ZRXOG EH JRRG IRU KLP WR KDYH VRPH VQDFNV ZLWK
KLP IRU WKH PRUQLQJV DQG DIWHUQRRQV

0UV 'DYLV 2. , OO PDNH D QRWH RI WKDW % WKH ZD , GRQ W NQRZ WKH WLPLQJV RI WKH GD $W ZKDW WLPH
GRHV LW DOO VWDUW DQG HQG

3KLOLSS :H VWDUW DW QLQH WKLUW D P :H GRQ W GR LW DQ HDUOLHU DV WKH FKLOGUHQ DUH RQ KROLGD DQG LW V
QLFH IRU WKHP WR VWD LQ EHG D OLWWOH ORQJHU WKDQ WKHLU QRUPDO VFKRRO GD V

0UV 'DYLV 7KDW V D JRRG LGHD $W 'RPLQLF V DJH FKLOGUHQ ZLOO VWD LQ EHG XQWLO PLGGD LI WKH JHW WKH FKDQFH

3KLOLSS , YH D VRQ WKDW DJH DV ZHOO VR , NQRZ ZKDW RX UH WDONLQJ DERXW 7KH HQG RI WKH PRUQLQJ
VHVVLRQ LV DW WZHOYH WKLUW DQG WKHQ ZH VWDUW DJDLQ DW RQH WKLUW 7KH DIWHUQRRQ VHVVLRQ UXQV WR IRXU WKLUW
:H DVN WKDW DOO FKLOGUHQ DUH SLFNHG XS E ILYH R FORFN DV WKH LQVWUXFWRUV ZLOO QHHG WR JHW KRPH DV ZHOO

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
/,67(1,1* 75$16&5,376 ,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW

%HIRUH WKH FRQYHUVDWLRQ FRQWLQXHV RX KDYH VRPH WLPH WR ORRN DW TXHVWLRQV VHYHQ WR WHQ

VHFRQG DS

1RZ OLVWHQ FDUHIXOO DQG DQVZHU TXHVWLRQV VHYHQ WR WHQ

3KLOLSS 1RZ , QHHG WR NQRZ VRPH WKLQJV DERXW 'RPLQLF :KDW JDPHV GRHV 'RPLQLF OLNH SOD LQJ

0UV 'DYLV +H OLNHV DOO VSRUWV +H V TXLWH JRRG DW FULFNHW DQG VZLPPLQJ EXW KLV SUHIHUUHG VSRUW LV
IRRWEDOO

3KLOLSS 2. :H GR SOHQW RI DOO WKRVH

0UV 'DYLV :KHUH GR RX VZLP

3KLOLSS :HQWPRXQW 6FKRRO KDV ERWK LQGRRU DQG RXWGRRU SRROV :H GR ORWV RI VZLPPLQJ ERWK IRU
WUDLQLQJ DQG MXVW IRU IXQ ,W V D JUHDW ZD IRU WKH FKLOGUHQ WR JHW ILW DQG WR KDYH D JRRG WLPH 1RZ GRHV
'RPLQLF KDYH DQ DOOHUJLHV RU DQ WKLQJ HOVH ZH VKRXOG NQRZ DERXW

0UV 'DYLV +H V QRW DOOHUJLF WR DQ WKLQJ +H KDV VWURQJ OHJV DQG KH FDQ UXQ IRU DJHV +H ZDV LQ
KRVSLWDO VLFN LQ 'HFHPEHU IRU DSSHQGLFLWLV EXW WKDW KDV DOO FOHDUHG XS QRZ 2QH WKLQJ LV WKDW LQ WKH ZLQWHU
ZH ZHQW VNLLQJ DQG 'RPLQLF EURNH KLV DUP ,W V DOO KHDOHG QRZ EXW , WKLQN WKDW RX VKRXOG EH DZDUH RI
WKDW

3KLOLSS 7KDQN RX , YH PDGH D QRWH RI WKDW 1RZ ZH QHHG WR NQRZ KRZ 'RPLQLF ZLOO JR KRPH
HYHU HYHQLQJ :H KDYH D GXW RI FDUH WR DOO WKH FKLOGUHQ ZKR ZLOO EH ZLWK XV DQG ZH QHHG WR NQRZ
ZKHWKHU ZH KDYH WR ORRN DIWHU WKHP XQWLO VRPHRQH FRPHV RU ZKHWKHU WKH ZLOO EH JRLQJ KRPH E
WKHPVHOYHV

0UV 'DYLV 7KH ILUVW ZHHN , OO SLFN KLP XS DQG WKHQ DIWHU WKDW KH FDQ WDNH WKH EXV KRPH , H SHFW E
WKHQ KH OO KDYH ORWV RI IULHQGV WR WUDYHO ZLWK

3KLOLSS *RRG 7KDW ZLOO EH LQ 'RPLQLF V QRWHV RX FDQ FKDQJH RXU SODQV RI FRXUVH -XVW PDNH VXUH
RX OHW XV NQRZ VR ZH FDQ PDNH VXUH KH V VDIH DW WKH HQG RI HDFK GD

0UV 'DYLV , ZLOO

3KLOLSS 1RZ WKH ODVW WKLQJ LV IRU RX WR ILOO RXW DQ DSSOLFDWLRQ IRUP RX FDQ VHH WKH LQIRUPDWLRQ
DERXW DOO WKH IHHV DW WKH HQG WKHUH 3D WKH IHHV E EDQN WUDQVIHU DQG SXW WKH UHIHUHQFH QXPEHU LQ WKH
DSSURSULDWH ER RQ WKH DSSOLFDWLRQ IRUP

0UV 'DYLV :KDW KDSSHQV LI WKH FRXUVH LV ILOOHG XS E WKH WLPH RX JHW WKH IRUP

3KLOLSS 'RQ W ZRUU DERXW WKDW , YH UHVHUYHG 'RPLQLF D SODFH -XVW FDOO PH RQ WKH SKRQH QXPEHU
RQ WKH IRUP LI RX FKDQJH RXU PLQG VR , FDQ HQURO VRPHRQH HOVH , OO NHHS WKH SODFH IRU RX IRU WZR
ZHHNV

0UV 'DYLV &DQ , JLYH WKH IRUP LQ E KDQG WR RX WRPRUURZ , OO EH VKRSSLQJ QHDU KHUH WKHQ

3KLOLSS 7KDW OO EH ILQH -XVW PDNH VXUH WKH SD PHQW LV GRQH DV WKH UHVHUYDWLRQ LVQ W VHFXUH XQWLO ZH
UHFHLYH WKDW 2QFH ZH KDYH WKH IRUP RX OO JHW DQ HPDLO ZLWKLQ D ZHHN WR FRQILUP HYHU WKLQJ

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW /,67(1,1* 75$16&5,376

7KDW LV WKH HQG RI VHFWLRQ RQH RX ZLOO QRZ KDYH KDOI D PLQXWH WR FKHFN RXU DQVZHUV

VHFRQG DS

1RZ WXUQ WR VHFWLRQ WZR

6HFWLRQ WZR RX ZLOO KHDU D UDGLR SURJUDPPH ZLWK D SROLFHPDQ JLYLQJ D WDON RQ FULPH SUHYHQWLRQ
)LUVW RX KDYH VRPH WLPH WR ORRN DW TXHVWLRQV HOHYHQ WR ILIWHHQ

VHFRQG DS

1RZ OLVWHQ FDUHIXOO WR WKH LQIRUPDWLRQ WDON DQG DQVZHU TXHVWLRQV HOHYHQ WR ILIWHHQ

3UHVHQWHU +HOOR DJDLQ HYHU RQH :HOFRPH EDFN WR 5DGLR &RDVWDO )ROORZLQJ WKH DPRXQW RI FULPH
ZH YH H SHULHQFHG LQ WKH ORFDO DUHD UHFHQWO ZH YH DVNHG 3ROLFH &RQVWDEOH &DPHURQ 'DZVRQ WR MRLQ XV
WRGD DQG JLYH XV VRPH DGYLFH RQ FULPH SUHYHQWLRQ *RRG PRUQLQJ &DPHURQ

&DPHURQ *RRG PRUQLQJ 7UDF 7KDQNV IRU KDYLQJ PH KHUH WRGD , G OLNH WR JLYH RX VRPH DGYLFH
WRGD RQ YDULRXV FULPH SRVVLELOLWLHV WKDW RX PLJKW KDYH WKH PLVIRUWXQH WR H SHULHQFH 7R VWDUW ZLWK RQH
FRPPRQ WKHIW WKDW WKH SROLFH KDV WR GHDO ZLWK LV WKDW RI ELF FOHV %LF FOHV FDQ EH VRPH RI WKH HDVLHVW
YHKLFOHV IRU WKLHYHV DQG YDQGDOV WR WDUJHW DQG WKH DUH HDV WR VHOO RQ WR RWKHUV PDNLQJ WKHP D UHODWLYHO
DWWUDFWLYH VRXUFH RI PRQH 7KHUH DUH YDULRXV WKLQJV RX FDQ GR WR VDIHJXDUG RXU ELF FOH VXFK DV ORFNLQJ
LW VHFXUHO DQG GRLQJ WKLV LQ D SODFH ZKHUH WKLHYHV ZLOO ILQG LW GLIILFXOW WR VWHDO $QRWKHU WKLQJ WKDW RX FDQ
GR LV WR WDNH D FOHDU FRORXU SLFWXUH RI RXU ELNH DQG PDNH D ZULWWHQ UHFRUG RI LWV GHVFULSWLRQ LQFOXGLQJ DQ
XQLTXH IHDWXUHV 7KHQ RX FDQ VHQG WKLV WR WKH SROLFH ZKR FDQ JHW LW EDFN WR RX LI LW V IRXQG

$QRWKHU SUREOHP LQ WRGD V VRFLHW LV UREEHU RQ WKH VWUHHW :KLOH WKH OLNHOLKRRG RI WKLV KDSSHQLQJ LV
VPDOO RX VKRXOG EH DZDUH RI ZKDW RX FDQ GR WR NHHS RXUVHOI DQG RXU SURSHUW VDIH )LUVW RI DOO LI RX
KDYH WR ZDON DORQH DW QLJKW WDNH H WUD FDUH 6WD RQ URDGV WKDW DUH ZHOO OLW DQG UHODWLYHO EXV ,W V
LPSRUWDQW QRW WR FDUU DQ LPSRUWDQW GRFXPHQWV FUHGLW FDUGV RU H FHVV FDVK ZLWK RX DQG LI RX WKLQN
RX UH EHLQJ IROORZHG FURVV WKH URDG RU JR LQWR D VKRS WHOO WKHP RXU IHDUV DQG VWD WKHUH XQWLO RX UH
VXUH RX UH VDIH 'RQ W EH DIUDLG RI NQRFNLQJ DW VRPHRQH V GRRU LQ WKH VWUHHW HLWKHU DQG WHOOLQJ WKHP RXU
ZRUULHV (YHQ LI WKH GRQ W OHW RX LQ WKLHYHV ZLOO EH GLVFRXUDJHG DQG SUREDEO OHDYH WKH DUHD

1H W , G OLNH WR WDON DERXW FDUV ,I RX KDYH D FDU RXU YHKLFOH ZLOO DOZD V EH D WDUJHW IRU WKLHYHV ,W FDQ WDNH
DV OLWWOH DV WHQ VHFRQGV IRU D WKLHI WR VWHDO VRPHWKLQJ IURP RXU FDU EXW WKH JRRG WKLQJ LV WKDW PRVW
YHKLFOH FULPH LV SUHYHQWDEOH 0DNH VXUH RX UHPRYH HYHU WKLQJ IURP RXU YHKLFOH DQG GRQ W VWRUH

DQ WKLQJ LQ WKH EDFN $ JRRG ZD WR VDIHJXDUG RXU FDU LV WR GHYHORS D UHJXODU SURFHGXUH VR WKDW RX
WDNH RXU NH V RXW RI WKH FDU FORVH WKH ZLQGRZV DQG UHPRYH DOO EHORQJLQJV IURP LW )ROORZ RXU
SURFHGXUH DQG RXU FDU ZLOO EH DV VDIH DV LW FDQ EH

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
/,67(1,1* 75$16&5,376 ,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW

:H YH KDG D ULVH LQ WKH QXPEHU RI FDVHV RI LGHQWLW IUDXG UHFHQWO 7KLHYHV PD GR WKLV LQ RUGHU WR EX
WKLQJV LQ RXU QDPH DQG OHDYH RX DQG RXU EDQN ZLWK WKH ELOO DQG LW FDQ EH YHU GLVWUHVVLQJ DQG GLIILFXOW
WR SXW ULJKW 0RVW FDVHV RI LGHQWLW IUDXG FDQ EH DYRLGHG WKURXJK VRPH VLPSOH FRPPRQ VHQVH
SUHFDXWLRQV )LUVW RI DOO LI RX YH KDG RXU EDQN FDUGV VWROHQ RU FRPSURPLVHG PDNH VXUH RX FRQWDFW RXU
EDQN LPPHGLDWHO WR FKDQJH HYHU WKLQJ 6RPHWLPHV WKLHYHV ZRQ W WDNH DZD RXU ZDOOHW EXW WKH OO PDNH
D QRWH RI WKH GHWDLOV 7KLV ZLOO HQFRXUDJH RX QRW WR FDQFHO WKH FDUGV EXW WKH WKLHYHV FDQ EX WKLQJV
RQOLQH ZLWK DOO WKH LPSRUWDQW GHWDLOV LQ WKHLU SRVVHVVLRQ $QRWKHU ZD WKLHYHV JHW KROG RI RXU GHWDLOV LV
ZKHQ RX WKURZ DZD VHQVLWLYH PDWHULDO VXFK DV EDQN VWDWHPHQWV RU UHFHLSWV 7KHVH SDSHUV RIWHQ LQFOXGH
LQIRUPDWLRQ XVHIXO WR WKLHYHV 6WRS WKLV E VKUHGGLQJ DOO WKH SDSHUV RX WKLQN PLJKW EH VHQVLWLYH EHIRUH
RX WKURZ WKHP DZD

RX QRZ KDYH VRPH WLPH WR ORRN DW TXHVWLRQV VL WHHQ WR WZHQW

VHFRQG DS

1RZ OLVWHQ WR WKH UHVW RI WKH LQIRUPDWLRQ WDON DQG DQVZHU TXHVWLRQV VL WHHQ WR WZHQW

&DPHURQ , G QRZ OLNH WR WDON D OLWWOH DERXW FHOO SKRQH WKHIW DV WKLV KDV EHHQ D SUREOHP IRU D IHZ HDUV
QRZ +DYLQJ RXU SKRQH VWROHQ LV D KDVVOH ,W V QRW MXVW WKH KDQGVHW RX ORVH LW V WKH QXPEHUV PHVVDJHV
DQG SKRWRV WRR &HOOSKRQH WKLHYHV WKULYH RQ RSSRUWXQLW VR GRQ W PDNH LW HDV IRU WKHP

+HUH DUH VRPH VLPSOH WKLQJV WR FRQVLGHU WR SURWHFW RXU FHOO SKRQH IURP WKLHYHV DQG WKH UH DOO WR GR ZLWK
EHLQJ DZDUH RI RXU VXUURXQGLQJV )LUVW WDNH FDUH LQ EXV ORFDWLRQV ZKLFK DUH SRSXODU SODFHV IRU
SLFNSRFNHWV HVSHFLDOO LI D FHOO SKRQH LV YLVLEOH LQ DQ RSHQ EDJ RU KDQJLQJ RXW RI D EDFN SRFNHW 1H W
WKLQN DERXW ZKHQ RX XVH RXU FHOO SKRQH 2XWVLGH VXEZD VWDWLRQV FDQ EH SRSXODU YHQXHV IRU VQDWFK
WKHIW DV SHRSOH LQVWLQFWLYHO JHW WKHLU FHOO SKRQHV RXW WR FKHFN IRU D VLJQDO )LQDOO GRQ W OHDYH RXU FHOO
SKRQH XQDWWHQGHG LQ SXEOLF SODFHV RX ZRXOGQ W OHDYH RXU ZDOOHW XQDWWHQGHG EXW D VXUSULVLQJ QXPEHU
RI SHRSOH OHDYH WKHLU FHOO SKRQH RQ WKH WDEOH ZKLOH WKH JR WR RUGHU D GULQN RU JR WR WKH UHVW URRP

0RVW FHOO SKRQHV KDYH D UDQJH RI VHFXULW IHDWXUHV WKDW DUH LQWHQGHG WR VWRS DQ RQH HOVH DFFHVVLQJ DQG
XVLQJ WKHP VKRXOG WKH EH VWROHQ 2QH JRRG RQH LV FUHDWLQJ D VWUDLJKWIRUZDUG 3,1 FRGH WKDW ORFNV RXU
KDQGVHW $QRWKHU 3,1 IHDWXUH LV WKDW RX FDQ VHW RXU FHOO SKRQH WR QHHG D VHSDUDWH SDVVZRUG RU DFFRXQW
,' WR SUHYHQW WKLHYHV IURP VLPSO UHVHWWLQJ RXU FHOO SKRQH WR LWV IDFWRU VHWWLQJ DQG WKHUHIRUH UHVHWWLQJ
DQ FRGHV RU RWKHU VHFXULW IHDWXUHV RX KDYH VHW )LQDOO PDQ FHOO SKRQHV FDQ EH WUDFHG ZLSHG RU
ORFNHG UHPRWHO XVLQJ DQRWKHU ,QWHUQHW GHYLFH 7KHVH IHDWXUHV DUH XVHIXO EXW ZLOO RQO SURWHFW RXU FHOO
SKRQH LI RX VZLWFK WKHP RQ &KHFN WKH XVHU PDQXDO DQG ILQG RXW KRZ WR GR HYHU WKLQJ

.QRZLQJ KRZ WR LGHQWLI RXU FHOO SKRQH LI LW V VWROHQ LV LPSRUWDQW IRU JHWWLQJ LW EDFN (DFK KDQGVHW
PDQXIDFWXUHG IRU XVH KDV D XQLTXH ,QWHUQDWLRQDO 0RELOH (TXLSPHQW ,GHQWLW QXPEHU KDUGZLUHG LQWR LW
GXULQJ WKH PDQXIDFWXULQJ SURFHVV .QRZLQJ WKLV QXPEHU ZLOO KHOS WKH SROLFH LGHQWLI RXU FHOO SKRQH
VKRXOG LW EH VWROHQ DV WKH OO QHHG WR NQRZ PRUH WKDQ WKH EUDQG DQG FRORXU RI RXU KDQGVHW &KHFN WKH
,QWHUQDWLRQDO 0RELOH (TXLSPHQW ,GHQWLW QXPEHU RI RXU FHOO SKRQH E FKHFNLQJ ZLWK LWV PDQXIDFWXUHU V
JXLGHOLQHV ZKLFK VKRXOG EH DYDLODEOH RQ WKHLU ZHEVLWH

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW /,67(1,1* 75$16&5,376

7KDW LV WKH HQG RI VHFWLRQ WZR RX ZLOO QRZ KDYH KDOI D PLQXWH WR FKHFN RXU DQVZHUV

VHFRQG DS

1RZ WXUQ WR VHFWLRQ WKUHH

6HFWLRQ WKUHH RX ZLOO KHDU WZR VWXGHQWV JLYLQJ D XQLYHUVLW SUHVHQWDWLRQ WR WKHLU WHDFKHU )LUVW RX
KDYH VRPH WLPH WR ORRN DW TXHVWLRQV WZHQW RQH WR WZHQW ILYH

VHFRQG DS

1RZ OLVWHQ FDUHIXOO DQG DQVZHU TXHVWLRQV WZHQW RQH WR WZHQW ILYH

3URIHVVRU %ODFN *RRG PRUQLQJ $UH ZH DOO KHUH *RRG ,Q WRGD V VHPLQDU ZH UH JRLQJ WR KHDU D
SUHVHQWDWLRQ IURP WZR VWXGHQWV 7KH VFKHGXOH VD V LW V /LVD DQG 3DWULFN $UH RX ERWK UHDG

/LVD HV 3URIHVVRU %ODFN :H UH UHDG 6KDOO ZH EHJLQ

3URIHVVRU %ODFN HV SOHDVH /LVD

/LVD :HOO 3DWULFN DQG , DUH JRLQJ WR WDON DERXW WKH IORZHU LQGXVWU LQ .HQ D

3URIHVVRU %ODFN 7KH IORZHU LQGXVWU LQ .HQ D , GLGQ W HYHQ NQRZ WKH KDG RQH WKHUH

3DWULFN 2K HV .HQ D V KRUWLFXOWXUDO VHFWRU FXUUHQWO UDQNV DV RQH RI WKH HFRQRP V IDVWHVW
JURZLQJ LQGXVWULHV WKH WKLUG ODUJHVW IRUHLJQ H FKDQJH HDUQHU DIWHU WRXULVP DQG WHD

/LVD 7KH LQGXVWU KDV EHHQ JURZLQJ HYHU HDU 7KH LQGXVWU URVH WKLUW RQH SHU FHQW
RYHU WKH ODVW ILYH HDUV ZLWK WRWDO H SRUWV UHDFKLQJ RQH KXQGUHG DQG WKLUW WKRXVDQG WRQQHV SHU DQQXP

3URIHVVRU %ODFN +RZ GLG WKH LQGXVWU EHJLQ WKHUH ,W GRHVQ W VRXQG OLNH D WUDGLWLRQDO .HQ DQ
LQGXVWU

3DWULFN 1R 7KH KLVWRU RI WKH H SRUW RI IUHVK KRUWLFXOWXUDO SURGXFH IURP .HQ D GDWHV EDFN
WR WKH SHULRG EHIRUH LQGHSHQGHQFH ZKHQ .HQ D WKHQ D %ULWLVK FRORQ ZDV UHTXLUHG WR KHOS RXW ZLWK WKH
UXQQLQJ RI WKH EXGJHW IRU (DVW $IULFD

/LVD $IWHU LQGHSHQGHQFH WKH LQGXVWU FRQWLQXHG WR WKULYH ZLWK H SRUWV VWDUWLQJ WR JR WR
(XURSH DQG WKXV RSHQLQJ XS WKH SRWHQWLDO IRU .HQ D LQ WKH H SRUW PDUNHW

3URIHVVRU %ODFN ,V .HQ D V FOLPDWH SDUWLFXODUO VXLWDEOH IRU JURZLQJ IORZHUV

3DWULFN HV $OWKRXJK .HQ D LV RQ WKH HTXDWRU FRQVLGHUDEOH GLIIHUHQFHV LQ DOWLWXGH DOORZ D


JUHDW YDULHW RI FOLPDWLF FRQGLWLRQV IURP WKH KRW FRDVWDO SODLQ XS WR WKH FRRO KLJKODQGV $ WHPSHUDWH
FOLPDWH SUHYDLOV DERYH RQH WKRXVDQG ILYH KXQGUHG PHWUHV ZKHUH GD WLPH WHPSHUDWXUHV DUH IURP WZHQW
WZR WR WKLUW GHJUHHV &HOVLXV DQG QLJKW WLPH IURP VL WR WZHOYH GHJUHHV &HOVLXV

/LVD 5DLQ GD V DUH UHVWULFWHG WR VL W WR HLJKW GD V VR WKHUH V H FHOOHQW UDGLDWLRQ PRVW RI


WKH HDU ZKLFK LV LGHDO IRU WKH HDU URXQG JURZLQJ RI TXDOLW IORZHUV ZLWKRXW WKH QHFHVVLW RI JUHHQ
KRXVH FRQGLWLRQV

3DWULFN .HQ D KDV HQMR HG HFRQRPLF DGYDQWDJHV DV ZHOO .HQ DQ FRPSDQLHV KDYH ORQJ
EHQHILWHG IURP IDYRXUDEOH H FKDQJH UDWHV PDNLQJ WKHLU FRVWV LQ .HQ DQ VKLOOLQJV DQG 86 GROODUV UHODWLYHO ORZ

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
/,67(1,1* 75$16&5,376 ,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW

/LVD 7KH .HQ DQV KDYH DOVR VHW XS DQ H FHOOHQW ORJLVWLFV LQIUDVWUXFWXUH 1DLUREL WKH
FDSLWDO FLW LV D PDMRU KXE DQG LV YHU ZHOO VHUYHG E PDMRU DLUOLQHV DQG FKDUWHU RSHUDWRUV JLYLQJ HDV
DLUIUHLJKW DFFHVV WR (XURSHDQ PDUNHWV DQG IURP WKHUH WR WKH UHVW RI WKH ZRUOG

3DWULFN $QG ODERXU DQG HQHUJ FRVWV DUH ORZ FRPSDUHG WR RWKHU FRXQWULHV $ IXUWKHU
DGYDQWDJH IRU .HQ D LV WKDW WKH LQGXVWU VWLOO SD V QR LPSRUW GXW ZKHQ VHQGLQJ LWV IORZHUV WR (XURSH

3URIHVVRU %ODFN +RZ KDV WKH LQGXVWU DIIHFWHG WKH RUGLQDU SHRSOH LQ .HQ D

/LVD 3UHWW ZHOO ,Q WKH DJULFXOWXUDO VHFWRU IORULFXOWXUH LQ .HQ D LV WKH VHFRQG ODUJHVW
IRUHLJQ H FKDQJH HDUQHU DIWHU WHD EULQJLQJ LQ PRUH WKDQ WZR KXQGUHG DQG ILIW PLOOLRQ 86 GROODUV SHU
DQQXP 2I FRXUVH WKLV GRHVQ W DOO JR WR WKH PDQ RQ WKH VWUHHW EXW LW FUHDWHV D ORW RI WD HV WKDW FRQWULEXWH
WR .HQ D V SXEOLF HFRQRP

3DWULFN 7KH LQGXVWU GRHV HPSOR D ORW RI RUGLQDU SHRSOH WKRXJK ZLWK ILIW WR VHYHQW
WKRXVDQG SHRSOH GLUHFWO HPSOR HG DQG PRUH WKDQ RQH DQG KDOI PLOOLRQ LQGLUHFWO HPSOR HG

RX QRZ KDYH VRPH WLPH WR ORRN DW TXHVWLRQV WZHQW VL WR WKLUW

VHFRQG DS

1RZ OLVWHQ WR WKH UHVW RI WKH GLVFXVVLRQ DQG DQVZHU TXHVWLRQV WZHQW VL WR WKLUW

3URIHVVRU %ODFN ,W VHHPV OLNH DQ LGHDO VLWXDWLRQ IRU .HQ D ZLWK QR SUREOHPDWLF DUHDV

/LVD ,W V QRW SHUIHFW DQG VRPH HDUV KDYHQ W EHHQ HDV )RU H DPSOH WKHUH KDYH EHHQ
SUREOHPV ZLWK ZRUNIRUFH GLVSXWHV ZKLFK KDYH QRW HW EHHQ ZKROO UHVROYHG

3DWULFN 6RPH HDUV DV ZHOO KDYH KDG SUREOHPV DV KLJK RLO SULFHV QHJDWLYHO DIIHFWHG
WUDQVSRUWDWLRQ IHHV 7KHUH KDYH DOVR EHHQ HDUV ZKHQ LQ VSLWH RI WKH H FHOOHQW FOLPDWH WKHUH ZHUH KHDY
UDLQV RU H WHQGHG GURXJKW ZKLFK QHJDWLYHO DIIHFWHG WKH VL H RI WKH FURS DW WKRVH WLPHV

3URIHVVRU %ODFN :KDW DERXW FRPSHWLWLRQ

/LVD 0RVW FRPSHWLWLRQ FRPHV IURP FRXQWULHV WKDW OLNH .HQ D OLH RQ RU QHDU WKH HTXDWRU
7KH IRXU OHDGLQJ JOREDO FRPSHWLWRUV LQ WHUPV RI H SRUW YDOXH DUH WKH 1HWKHUODQGV &RORPELD (FXDGRU DQG
(WKLRSLD 7KHVH FRXQWULHV FRPSHWH ZLWK HDFK RWKHU RQ WKH VDPH PDUNHWV LQ (XURSH 5XVVLD DQG 1RUWK
$PHULFD DQG FRPSHWLWLRQ LV JHWWLQJ PRUH WHQVH HYHU HDU

3URIHVVRU %ODFN :KDW V FDXVLQJ WKH LQFUHDVH LQ FRPSHWLWLRQ

3DWULFN ,W V SDUWO GXH WR VWDJQDWLQJ GHPDQG EXW LW V DOVR D UHVXOW RI WKH JURZLQJ QXPEHU RI
ODUJH IORZHUHG URVHV DQG WKH JHQHUDOO LPSURYLQJ TXDOLW RI WKH RWKHU FRXQWULHV SURGXFWV

3URIHVVRU %ODFN +DVQ W WKHUH EHHQ VRPH FULWLFLVP RI WKH VXVWDLQDELOLW RI WKH LQGXVWU

/LVD HV $OWKRXJK WKLQJV KDYH LPSURYHG ZDJHV DUH VLJQLILFDQWO EHORZ D OLYLQJ ZDJH
OHDYLQJ ZRUNHUV DQG WKHLU IDPLOLHV ZLWK OLPLWHG RU QR GLVSRVDEOH LQFRPH )LQDOO WUDGH XQLRQ PHPEHUVKLS
LV RIWHQ GLVFRXUDJHG DQG XQGHUPLQHG

3DWULFN 2QH RI WKH ELJJHVW RQJRLQJ FULWLFLVPV LV DERXW ZDWHU XVDJH 7KH ZDWHU IRRWSULQW RI
RQH URVH IORZHU LV HVWLPDWHG WR EH VHYHQ WR WKLUWHHQ OLWUHV 7KH WRWDO YLUWXDO ZDWHU H SRUW UHODWHG WR WKH UHPRYDO

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW /,67(1,1* 75$16&5,376

RI FXW IORZHUV IURP WKH DUHD ZKHUH WKH IORZHUV KDYH EHHQ JURZQ KDV EHHQ FRORVVDO 7KH ZDWHU OHDYHV WKH
FRXQWU DQG WKH FRQWLQHQW DQG LW V QRW HDVLO UHSODFHG

/LVD 7KLV KDV FDXVHG DQ REVHUYHG GHFOLQH LQ WKH OHYHOV RI ORFDO ODNHV DQG D GHWHULRUDWLRQ
RI WKH ODNHV ELRGLYHUVLW

3DWULFN 7KHUH LV DOVR D SUREOHP ZLWK SROOXWLRQ LQ WKH ODUJH ODNHV WKDW VXSSO ZDWHU IRU WKH
LQGXVWU ,QLWLDOO HYHU RQH EODPHG WKH ODUJH SURGXFHUV EXW LW VHHPV WKDW DOWKRXJK WKH FRPPHUFLDO IDUPV
DURXQG WKH ODNH KDYH FRQWULEXWHG WR WKH GHFOLQH LQ WKH ODNH OHYHO WKURXJK ZDWHU DEVWUDFWLRQV ERWK WKH
FRPPHUFLDO IDUPV DQG WKH VPDOO KROGHU IDUPV LQ WKH XSSHU FDWFKPHQW DUH UHVSRQVLEOH IRU WKH ODNH
SROOXWLRQ GXH WR QXWULHQW ORDG

3URIHVVRU %ODFN +RZ FDQ WKLV EH DGGUHVVHG

/LVD 7KHUH KDYH EHHQ FDOOV IRU VXVWDLQDEOH PDQDJHPHQW RI WKH EDVLQ WKURXJK FKDUJLQJ
ZDWHU DW LWV IXOO FRVW DQG RWKHU UHJXODWRU PHDVXUHV EXW DQ FKDQJH LQ SULFHV KDV EHHQ UHVLVWHG DQG WKHUH
DUH D YDULHW RI SROLWLFDO DQG WULEDO EDUULHUV WR JHWWLQJ OHJLVODWLRQ SDVVHG DQG HQIRUFHG

3URIHVVRU %ODFN $UH WKHUH DQ RWKHU GRZQVLGHV WR WKH .HQ DQ IORZHU LQGXVWU

/LVD HV 7KHUH KDYH EHHQ VRPH FULWLFLVPV RI RXWGDWHG IDUP PHWKRGV +RZHYHU PRUH
IDUPV DUH LQFUHDVLQJO ORRNLQJ LQWR RUJDQLF PHWKRGV RI SHVW FRQWURO DQG WKRVH IDUPV WKDW KDYH
LPSOHPHQWHG ZDWHU UHF FOLQJ DQG ZDVWH GLVSRVDO V VWHPV KDYH IRXQG WKDW WKH DUH DEOH WR GHFUHDVH
RYHUDOO FRVWV LQ WKH ORQJ UXQ

7KDW LV WKH HQG RI VHFWLRQ WKUHH RX ZLOO QRZ KDYH KDOI D PLQXWH WR FKHFN RXU DQVZHUV

VHFRQG DS

1RZ WXUQ WR VHFWLRQ IRXU

6HFWLRQ IRXU RX ZLOO KHDU D OHFWXUH RQ FRWWRQ )LUVW RX KDYH VRPH WLPH WR ORRN DW TXHVWLRQV
WKLUW RQH WR IRUW

VHFRQG DS

1RZ OLVWHQ FDUHIXOO DQG DQVZHU TXHVWLRQV WKLUW RQH WR IRUW

+HOOR HYHU RQH 7RGD LQ WKLV DJULFXOWXUH OHFWXUH ZH UH JRLQJ WR ORRN DW WKH EDFNJURXQG RI RQH RI RXU
PRVW LPSRUWDQW FORWKLQJ PDWHULDOV LQ WKH 8QLWHG 6WDWHV DQG WKDW LV FRWWRQ

1R RQH NQRZV H DFWO KRZ ROG FRWWRQ LV 6FLHQWLVWV VHDUFKLQJ FDYHV LQ 0H LFR IRXQG ELWV RI FRWWRQ DQG
SLHFHV RI FRWWRQ FORWK WKDW SURYHG WR EH DW OHDVW VHYHQ WKRXVDQG HDUV ROG 7KH DOVR IRXQG WKDW WKH
FRWWRQ LWVHOI ZDV PXFK OLNH WKDW JURZQ LQ $PHULFD WRGD 7KH &RWWRQ %HOW VSDQV WKH VRXWKHUQ KDOI RI WKH
8QLWHV 6WDWHV IURP 9LUJLQLD WR &DOLIRUQLD &RWWRQ LV JURZQ LQ VHYHQWHHQ VWDWHV DQG LV D PDMRU FURS LQ
IRXUWHHQ

7KH FRWWRQ JURZLQJ SURFHVV EHJLQV ZLWK SODQWLQJ 3ODQWLQJ LV DFFRPSOLVKHG ZLWK VL HLJKW WHQ RU WZHOYH
URZ SUHFLVLRQ SODQWHUV WKDW SODFH WKH VHHG DW XQLIRUP GHSWKV DQG LQWHUYDOV RXQJ FRWWRQ VHHGOLQJV
HPHUJH IURP WKH VRLO ZLWKLQ D ZHHN RU WZR DIWHU SODQWLQJ GHSHQGLQJ RQ WKH WHPSHUDWXUH DQG PRLVWXUH
FRQGLWLRQV

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
/,67(1,1* 75$16&5,376 ,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW

7KH JURZLQJ SURFHVV FDQ EH WKUHDWHQHG LQ GLIIHUHQW ZD V &RWWRQ JURZV VORZO LQ WKH VSULQJ DQG FDQ EH
VKDGHG RXW HDVLO E ZHHGV ,I ZHHGV EHJLQ WR RYHUSRZHU WKH VHHGOLQJ FRWWRQ GUDVWLF UHGXFWLRQV LQ LHOG
FDQ UHVXOW 3URGXFHUV HPSOR FORVH FXOWLYDWLRQ DQG SODQWHUV SODFH WKH FRWWRQVHHG GHHS LQWR PRLVW VRLO
OHDYLQJ ZHHG VHHGV LQ KLJK DQG GU VRLO +HUELFLGHV FRQWURO ZHHGV EHWZHHQ WKH URZV

7KH FRWWRQ SODQW KDV HYROYHG ZLWK QXPHURXV GDPDJLQJ LQVHFWV DQG WKHVH LQVHFWV LI OHIW XQDWWHQGHG
ZRXOG YLUWXDOO HOLPLQDWH WKH KDUYHVWDEOH FURS LQ PRVW FRWWRQ SURGXFLQJ DUHDV 3ODQWV LQIHVWHG ZLWK WKH
OHDI IHHGLQJ LQVHFWV DUH DEOH WR FRXQWHUDFW VRPHZKDW E JURZLQJ LQFUHDVHG QXPEHUV RI OHDYHV 0DQ
FRWWRQ IHHGLQJ LQVHFWV KRZHYHU IHHG RQ WKH FRWWRQ LWVHOI 7KLV UHGXFHV WKH LHOG DQG OHDGV WR GHOD V LQ
FURS GHYHORSPHQW RIWHQ LQWR WKH IURVW RU UDLQ VHDVRQ 3ODQW SURWHFWLRQ FKHPLFDOV DUH RIWHQ XVHG WR
SUHYHQW GHYDVWDWLQJ FURS ORVVHV E LQVHFWV $OO SODQW SURWHFWLRQ PHWKRGV XVHG RQ SODQWV LQ WKH 86 DUH
WKRURXJKO HYDOXDWHG E WKH (QYLURQPHQWDO 3URWHFWLRQ $JHQF WR DVVXUH IRRG VDIHW DQG SURWHFWLRQ WR
KXPDQV DQLPDOV DQG WR WKH HQYLURQPHQW 6RPH SODQWV DUH DOVR LPSURYHG E PRGHUQ ELRWHFKQRORJ
ZKLFK FDXVHV WKH SODQWV WR EH UHVLVWDQW WR FHUWDLQ GDPDJLQJ ZRUPV

7KH FRWWRQ SODQW V URRW V VWHP LV YHU HIILFLHQW DW VHHNLQJ PRLVWXUH DQG QXWULHQWV IURP WKH VRLO )URP DQ
HFRQRPLF VWDQGSRLQW FRWWRQ V ZDWHU XVH HIILFLHQF DOORZV FRWWRQ WR JHQHUDWH PRUH UHYHQXH SHU JDOORQ RI
ZDWHU WKDQ DQ RWKHU PDMRU ILHOG FURS 0RVW RI WKH 86 FRWWRQ DFUHDJH LV JURZQ RQO RQ UDLQ PRLVWXUH EXW
D WUHQG WRZDUGV VXSSOHPHQWDO LUULJDWLRQ WR FDUU D ILHOG WKURXJK GURXJKW KDV LQFUHDVHG LQ DFUHDJH DQG
KHOSHG VWDELOLVH LHOGV

+DUYHVWLQJ LV RQH RI WKH ILQDO VWHSV LQ WKH SURGXFWLRQ RI FRWWRQ FURSV 7KH FURS PXVW EH KDUYHVWHG EHIRUH
ZHDWKHU FDQ GDPDJH RU FRPSOHWHO UXLQ LWV TXDOLW DQG UHGXFH LHOG &RWWRQ LV KDUYHVWHG E PDFKLQH LQ
WKH 86 EHJLQQLQJ LQ -XO LQ VRXWK 7H DV DQG LQ 2FWREHU LQ PRUH QRUWKHUQ DUHDV RI WKH FRWWRQ JURZLQJ
DUHD 6WULSSHU KDUYHVWHUV XVHG FKLHIO LQ 7H DV DQG 2NODKRPD KDYH UROOHUV RU PHFKDQLFDO EUXVKHV WKDW
UHPRYH WKH ZKROH FRWWRQ EXG IURP WKH SODQW ,Q WKH UHVW RI WKH FRWWRQ SURGXFLQJ DUHDV VSLQGOH SLFNHUV
DUH XVHG 7KHVH FRWWRQ SLFNHUV SXOO WKH FRWWRQ IURP WKH RSHQ EXGV XVLQJ UHYROYLQJ EDUEHG VSLQGOHV WKDW
HQWZLQH WKH ILEHU DQG UHOHDVH LW DIWHU LW KDV EHHQ VHSDUDWHG

)URP WKH ILHOG VHHG FRWWRQ PRYHV WR QHDUE JLQV IRU VHSDUDWLRQ RI OLQW DQG VHHG 7KH FRWWRQ WKHQ JRHV
WKURXJK GU HUV WR UHGXFH PRLVWXUH FRQWHQW DQG WKHQ WKURXJK FOHDQLQJ HTXLSPHQW WR UHPRYH IRUHLJQ
PDWWHU &RWWRQ LV WKHQ PRYHG WR D ZDUHKRXVH IRU VWRUDJH XQWLO LW LV VKLSSHG WR D WH WLOH PLOO IRU XVH

&RWWRQ LV UHDG IRU VDOH DIWHU WKH TXDOLW SDUDPHWHUV IRU HDFK EDOH KDYH EHHQ HVWDEOLVKHG *URZHUV XVXDOO
VHOO WKHLU FRWWRQ WR D ORFDO EX HU RU PHUFKDQW DIWHU LW KDV EHHQ JLQQHG DQG EDOHG EXW LI WKH GHFLGH
DJDLQVW LPPHGLDWH VDOH WKH FDQ VWRUH 6LQFH LW LV D QRQ SHULVKDEOH FURS FRWWRQ VWRUHG LQ D JRYHUQPHQW
DSSURYHG ZDUHKRXVH SURYLGHV D VHFXUH EDVLV IRU D PRQHWDU ORDQ

$Q RIWHQ RYHUORRNHG FRPSRQHQW RI WKH FURS LV WKH YDVW DPRXQW RI FRWWRQVHHG WKDW LV SURGXFHG DORQJ
ZLWK WKH ILEHU &RWWRQ LV DFWXDOO WZR FURSV ILEUH DQG VHHG $QQXDO FRWWRQVHHG SURGXFWLRQ LV DERXW VL
SRLQW ILYH ELOOLRQ WRQV 7KLV VHHG LV FUXVKHG SURGXFLQJ D KLJK JUDGH VDODG RLO DQG D ULFK SURWHLQ IHHG IRU
OLYHVWRFN

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP
,(/76 3UDFWLFH 7HVWV $FDGHPLF 6HW /,67(1,1* 75$16&5,376

2QH NH DVSHFW RI WKLV JURZLQJ SURFHVV LV WKH PDQDJHPHQW RI SHVWV 7KH PRVW FRPPRQ ZD RI WUHDWLQJ
SHVWV LV E DHULDO GLVEXUVHPHQW RI SHVWLFLGHV $ FURS GXVWLQJ SODQH IOLHV ORZ RYHU WKH FURSV DQG VSUD V WKH
FRWWRQ ZLWK WKH SHVWLFLGHV WKDW DUH LQ D KROGLQJ WDQN XQGHU HDFK ZLQJ $ FDUHIXO VSUD LQJ VFKHGXOH DQG
SDWWHUQ VKRXOG EH FUHDWHG DQG WKH FRWWRQ IDUPHU PXVW WKHUHIRUH KDYH YHU FDUHIXO QRWHV RQ VRZLQJ DQG
JURZLQJ LQIRUPDWLRQ 7KH SHVWLFLGHV DUH VTXLUWHG VWUDLJKW GRZQ IURP WKH VSUD QR OHV RQ WKH SODQH 7KH
DQJOH LV LPSRUWDQW ,I WKH VSUD LV VHQW IRUZDUGV LQ WKH GLUHFWLRQ RI WKH SODQH V IOLJKW WKH GURSOHWV ZLOO
EHFRPH WRR ILQH DQG EH FDUULHG DZD LQ WKH ZLQG RU LQ WKH VOLSVWUHDP RI WKH SODQH 6RPH RI WKH SHVWLFLGHV
RI FRXUVH ZLOO KLW WKH ULJKW FURS EXW VRPH ZLOO EH XQWRXFKHG 7KLV FUHDWHV IXUWKHU SUREOHPV DV WKH IDUPHU
ZLOO QRW NQRZ ZKLFK DUHDV DUH WUHDWHG DQG ZKLFK DUH QRW 5H WUHDWLQJ PD UHVXOW LQ WRR PXFK SHVWLFLGH RQ
DQ DOUHDG WUHDWHG DUHD EXW QRW UH WUHDWLQJ PD DIIHFW FURS LHOGV ,I WKH VSUD LV VHQW EDFNZDUGV IURP WKH
VSUD QR OHV ZLWK UHJDUGV WR WKH GLUHFWLRQ RI WKH SODQH V IOLJKW WKH GURSOHWV ZLOO EH WRR FRDUVH ZKLFK ZLOO
DOVR FUHDWH XQHYHQ UHVXOWV $ VWUDLJKW GRZQ UHOHDVH FUHDWHV WKH RSWLPXP PHGLXP ILQH GURSOHW VSUD

7KDW LV WKH HQG RI VHFWLRQ IRXU RX ZLOO QRZ KDYH KDOI D PLQXWH WR FKHFN RXU DQVZHUV

VHFRQG DS

7KDW LV WKH HQG RI OLVWHQLQJ WHVW IRXUWHHQ ,Q WKH ,(/76 WHVW RX ZRXOG QRZ KDYH WHQ PLQXWHV WR
WUDQVIHU RXU DQVZHUV WR WKH OLVWHQLQJ DQVZHU VKHHW

3DJH

&RS ULJKW 6LPRQH %UDYHUPDQ 5REHUW 1LFKROVRQ • $OO ULJKWV UHVHUYHG • :HE ZZZ ,(/76 %/2* FRP

You might also like